WASHINGTON, D.C.- U.S. Senator Thad Cochran as cosponsored a bill to repeal the long standing “Death Tax,” or federal estate tax.
The Death Tax Repeal of 2017 was authored by 24 members of Congress to do away with a tax on family business and farms.
“The death tax amounts to a penalty on farmers and small business owners who face the prospect of their lives’ work being dissolved to satisfy the Internal Revenue Service,” Cochran said. “I am hopeful this idea will get a fresh look now that tax reform is being considered by the new Congress and the new administration in the White House.”
The bill was introduced on Tuesday by Senator John Thune (R-S.D.). It has recieved support from various organizations including:
American Farm Bureau Federation, Associated Builders and Contractors, National Association of Manufacturers, National Federation of Independent Business, Americans for Tax Reform, Club for Growth, National Black Chamber of Commerce, International Franchise Association, National Taxpayers Union, Family Business Coalition, the Family Business Estate Tax Coalition, and other groups.
